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21 sats \ 3 replies \ @IamSINGLE 19 Feb \ parent \ on: A Piece Of History - An Early Bitcoin Article bitcoin
Ok.
I'm in a mood to talk to bots 😂.
Here's a spoiler Alert:
If US government and institutions retain most of Bitcoin in future and try to rekt us, well, we'll give them a lollipop in the form of a fork and start using the standard. It's technology my bot friend, they can't store it forever. Technology needs to be spent.
Bitcoin can be used however anyone holding custody of it chooses and ETFs and similar US institutional custodians of Bitcoin do not use it to enable P2P payments- they expressly prevent that portion of the protocol being used for P2P.
They have done this in addition to governmens almost universally imposing tax requirements that make use of Bitcoin for MoE effectively impractical except for most people who want to remain within the law.
Banks have also threatened businesses who accept Bitcoin with debanking and KYCed the vast majority of holders. Even citizens buying Bitcoin are sometimes debanked. There is no appeal to such sanctions - the banks own your government.
All this combined has resulted in Bitcoin now being almost exclusively held as a speculative commodity and very rarely used as a MoE.
I hope these multiple obstructions to Bitcoinss use as a MoE can be overcome but I see very little recognition of the size, scale and reality of the problem by the Bitcoin community and so am not sure they will be. Most Bitcoiners present as if they just want more Hopium, FOMO and NGU - to add to their speculative commodity gains.
When raising these concerns it is common to be labelled a bot or statist or other derogatory terms - somehow the respondents thinking they can ostracise me and the points I raise ~ because they do not want to confront or respond in a reasoned manner to the points I raise but instead would rather chase me out of the village yelling names - they I say are trolls the traitors to the ethos and intent of Bitcoin...
BTW to answer to your idea of a fork solving the problem, it is possible but not a probable solution as the value is held in the primary blockchain and that is where the institutions are buying in to. They know that the creation of Bitcoin is probably a one off event and to build the critical mass that it has is not something easily replicated- others have tried already forking off the core protocol and failed as have the many thousands of shitcoins.
The perception and use of Bitcoin by most Bitcoiners is already that it is a speculative commodity, not a P2P payments protocol- the fiat powers have already all but captured and controlled the narrative and thus the protocol. A few farmers markets and 3rd world stall holders will not worry them greatly as long as they hold the majority narrative and prevent Bitcoin becoming a real and actual widespread alternative to their fiat MoE hegemony.
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As I said Technology can't be stored forever. First of all its not so easy for institutions and governments to take hold all of Bitcoin, not as technology, even if they be successful, we Bitcoiners always reserve the right to alter their hold of power by creating or advancing towards more powerful tech.
They are doing it right now because they see us divided. Over the time we all become united, were becoming, and then there will be no stopping.
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They do not need to hold custody of all Bitcoin.
They only need to control the majority use and narrative and they already have achieved that.
They don't care if a few marginal communities and villages are using Bitcoin as a P2P payments protocol. What they do care about is that Bitcoin does not become a widely used payments protocol and they have already achieved that.
You say we will become united- this is pure baseless hopium nonsense.
Ask yourself this question-
If the US government introduced a ban on private custody of Bitcoin (backed by assertions of moneylaundering and tax evasion etc and the argument that you can still invest in Bitcoin via trusted institutional custodians eg ETFs) ) and offered all private citizen US Bitcoin holders a buyout at market price how many hodlers do you think would accept?
Based on historical evidence and human nature it would be 90%+.
See E.O. 6102.
Most Bitcoiners would surrender their coins as to not would leave their speculative asset outside of the law and it could only be sold privately and illegally, probably at a significant discount to market price.
But as things stand it is unlikely they need to ever use an E.O. ban - as they have already managed to shift the vast majority narrative and use of Bitcoin from that of a P2P payments protocol to that of a KYCed speculative commodity (increasingly held by institutional custodians) that is very rarely used as a payments protocol and increasingly is not held by anyone who would use it in that way.
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